250 international and regional institutions in «Forum Middle East Insurance»

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Manama - Ahmad Alobaidly
Sunday, February 16th, 2014

Focused «Forum Middle East Insurance» hosted by Manama in its tenth session, on how to develop the needs of the insurance and renewal to achieve greater success.

The forum was attended by 553 decision-maker, representing more than 250 international and regional institutions.

The executive director of financial institutions supervision at the Central Bank of Bahrain Abdul Rahman Al Baker, the importance of «change in the industry due to the increasing expansion».

He said that their contribution to global «reach four trillion dollars», pointing out that the Bahrain Center «has consistently pass laws to secure the organization, and will review the legal framework for Islamic Insurance (Takaful), as amended, to be issued in the coming weeks».

And identification of a special session focused on the latest developments in the field of insurance at the international level and its impact on workers in this sector in the Middle East, and analysis of key trends reshaping the insurance industry in the markets of the developed countries in the world, and evaluate its impact regionally.

The Chairman of the group «Zurich Insurance» for the Asia-Pacific, Middle East and Africa Geoff Riddell, that global trends «will affect radically in insurance in the Middle East in the short and long term, although they occur at an early stage in the insurance market».

He predicted that the «check region dart accelerate progress in this sector, adopting international best practices. This would allow insurance companies to use small local language and culture of a unified standard for the work, in order to compete with international companies.

Then you'll need to secure the services of international and skills needed in the work of medium companies and trade ».

The President announced that Executive Group of Companies «severe RI» Reinsurance uniquely severe, that «under estimates growing strong economic growth in the region and the weakness of the incursion regional insurance and adult per five global average, recorded expectations of the insurance industry in the region, a positive and a high probability of growth».

To achieve this, «sector needs to develop talent and expertise, and the preparation of affordable products designed to meet the needs of a growing and complex in the Middle East».

He added that «ensure the infrastructure and regulatory oversight in place, the need for the sector to achieve economic and social profitability».

And saw the Chief Executive Officer of the Middle East Forum Insurance David McLean, the map «regional insurance industry has changed a lot from what it was in the past decade, the market has also seen many changes».

He said: «In light of the positive economic outlook in the GCC countries, the future of the insurance industry remains positive for the presence of regional growth opportunities for many».

He attributed the reason to the «low rates of penetration of regional far from the global average».

Despite the fact that perhaps «hinder many points of working in the field of this growth both domestically and internationally for a relatively smaller share in the market, what will trigger price wars ineffective».

The insurance company offered 35 during the conference, a package of products and services and modern innovations.

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